Cardano ($ADA) Network Added Over 500,000 Wallets Year-to-Date, Data Shows


The number of wallets created within the Cardano ($ADA) blockchain has grown by over 500,000 so far this year and surpassed the three million mark in early February. The rise in the number of wallets coincides with growing adoption of Cardano’s decentralized finance (DeFi) space.

According to  Cardano blockchain insights shared on Google’s Data Studio by the Cardano Fans Stake Pool, there are now 3,201,914 ADA wallets on Cardano, up from 2,666,372 at the beginning of the year.

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Source: Google Data Studio

As reported by Finbold, the number of wallets on Cardano grew by 453,121 in the first quarter of the year alone, meaning around 5,000 wallets were added per day on average.

The number of wallets on the cryptocurrency’s network has been growing exponentially. It grew 1,200% year-over-year last year, from around 190,000 ADA wallets in December 2020 to 2.5 million in December 2021.

As reported, Cardano addresses with between $100 and $100,000 worth of the network’s native ADA token have seen their percentage of the cryptocurrency’s supply rise to a new all-time high, at a time in which “whale tier” addresses hold an all-time low.

Cardano addresses with less than $100 worth of ADA and with up to $100,000 worth of the cryptocurrency – dubbed low tier and mid tier addresses – have been consistently accumulating over time, data from Santiment shows.

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Moreover, American rapper Snoop Dogg is set to issue unreleased music as non-fungible tokens (NFTs) on the Cardano blockchain as part of a collaboration with Cardano-based platform Clay Nation. The collaboration will also involve “iconic collectibles” and “limited edition ‘pitches.”

Snoop Dogg’s Cardano-based NFTs are being released shortly after the cryptocurrency network hit a new milestone. According to Morgan Schofield, Head of Ecosystem Growth at Cardano, the network has now issued more than 4 million native tokens on top of it across nearly 50,000 minting policies. In effect, over 4 million non-fungible tokens and non-ADA tokens are now circulating on Cardano.

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The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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